Who ultimately benefits from price supports in agriculture?
A. exporters
B. grocery store owners
C. consumers
D. farmers
Answer: D
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Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is accounting profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
In the long-run equilibrium
A) output is a function of autonomous expenditures. B) inflation is a function of past inflation. C) inflation equals potential output. D) output equals potential output.
The most contentious part of the patient protection and affordable care act has been its
In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placed a woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad?
A. Oxen were used as the medium of exchange. B. Oxen were used as the unit of account. C. Oxen were the best way to store wealth. D. Oxen were used as legal tender.